Accor announced on Monday that it sold the 147-room Sofitel Paris Le Faubourg to Mount Kellett Capital Management LP as part of a €113 million (US$150 million) deal.
As part of the agreement, the hotel will undergo a renovation worth €13 million (US$17 million) scheduled for 2014 and continue to be managed by Accor, Courcouronnes, France. The hotel will remain open during the renovation.
“The Sofitel Paris Le Faubourg stands as one of the most iconic hotels for the brand. I am delighted with this transaction, achieved with high quality partners, which allows us to keep a long-term visibility on the management of one of Accor’s true flagships,” said Denis Hennequin, Accor chairman and CEO.